India and Russia may be great partners once again, the Indian company's CEO said.

Mumbai-based Essar conglomerate hopes that Russia would become India’s prime supplier of oil and gas once again, the company's co-owner and president, Ravi Ruia, said Friday.

"Russia was once the greatest supplier of oil and gas in India and we hope to work forward jointly with [Russian energy giant] Rosneft to restore that position again," he said at the Eastern Economic Forum.

According to Ruia, Rosneft has "unparalleled energy asset portfolio."

Russian Energy Minister Alexander Novak said in June that India had major potential as a gas consumer, and Moscow and New Delhi were discussing preparation for construction of a pipeline to deliver Russian natural gas to India.

In July, Russia's oil giant Rosneft and India's Essar Oil signed a 10-year contract for deliveries of 10 million tonnes of oil to India every year.

India's Oil and Natural Gas Corporation (ONGC) signed a deal with Rosneft earlier Friday on the sale of Rosneft’s 15 percent stake in its subsidiary Vankorneft. According to media reports, the sale will secure some 70,290 barrels a day for ONGC, as early as next month.

The first Russian Eastern Economic Forum is currently underway in the city of Vladivostok in the Russian Far East. The event is being held as a platform for dialogue between international investors, the Russian government and countries of the Asia-Pacific Region.